Common use of On Death Clause in Contracts

On Death. Following the death of a Member such deceased Member’s legal representative or successor entitled to the deceased Member’s interest in the Company may for the period of 180 days following the date of death offer the Company the option to buy all of the Interest in the Company owned by such deceased Member (the “Put Option Holder”) at the purchase price equal to such deceased Member’s Capital Account as of the date of the Put Notice (the “Put Option”). The Put Option Holder may exercise this Put Option only by written notice given to the Manager and the other Members (the “Put Notice”). The Company shall accept the Put Option and purchase such deceased Member’s Interest in the Company as provided in Paragraphs 20.4 and 20.5.